The club are struggling with excessive debt, including a sizeable sum owed in tax.
“Either we reach an agreement with the tax authority before the end of the year or we go into administration. We cannot wait any more,” Lendoiro said.
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.